The industries worldwide in today’s era are evolving with technology and innovation. Gradually, the insurance sector is also embracing and adopting technology and digitization. This sector has witnessed a paradigm shift with digital transformation as end consumers’ perception of financial services has changed.
Undeniably, the COVID-19 pandemic has boosted the necessity of digitalization as well insurance. A report by IRDAI has revealed that the insurance penetration in India has increased to 4.20 percent in 2020-21, registration growth of 11.70 percent. The annual “State of Insurtech” report by BCG FinTech has states that the InsurTech sector had global funding worth $7.5 billion in 2020 which has increased by 21% from the previous years. These figures show that InsurTech is one of the sub-sectors with the fastest growth.
Consumers have easy access to research and data available at their fingertips. With the advent of digital marketplaces, now they can compare the position online and they are being well informed about it, thus helping them make wiser and better choices.
